Saturday, August 9, 2014

Who Lives on the Property in 2014

8/8/14 Update:  Owners living on the property as of today remain at 19, or no change from 7 months ago.

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1/13/14

Of the 168 units only 20 have Home Owner Exemptions, 1 of these can be discounted as #206 - J Jones has long ago moved away but the County has not yet removed the exemption, so it is reasonable to say that probably only 19 Owners actually live on property (ie:  1 in 8.8 units occupied by owners). 

This is 11.3% Owner Occupied and has dropped from the last time I looked on 9/21/12, when 24 units were Owner Occupied or 14.2% (1 in 7).

Clearly this has gone from being a working condo to an rental apartment complex for 'working' class tenants, AKA "affordable housing" for 149 rental units.  

This is actually exactly what was intended when the complex was built.  

See:  this blog sites post at Monday, 6/21/04 "Nautilus Cove Was Always Meant As Low Income Housing - Not a Condominium" which quotes the 6/21/04 article "Local: Affordable Housing at Beach Grows" or just enter 'affordable housing' in this blogs 'search' bar and you will pick this and other blog posts on the topic.

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On again/off again, the NCC 

Developer has tried for years to 

unload their unsold units in a   

bulk sale of 57 units.



As of Aug 5, 2014 NCC was still on the market for a bulk sale of 57 units for 
$6,840,000.  Listing ID #17468613, I see that the listing is now shows as 
'off market', it comes on and goes off, keep checking it will be back on again.

Dean Price at Global Realty Company, L.L.L.P. is the person to contact if you 
have an extra 7 million you want to dump into a down realty market.

This has been reported on several times, you can see it also at
"Pssst - Wanna buy 56 slightly used condosdated 2/4/12.  It seems that 
the complex is just not saleable.  

To see other reports on this issue put 'bulk sale' into the white search bar at 
the top left of the blog site.

Financial Summary - Actual - Year 2013

Scheduled Gross Income  $755,849
Effective Gross Income  $605,284
Operating Expenses  $362,528
Net Operating Income  $242,759
Pre-Tax Cash Flow  $242,759
Price:  $6,840,000
No. Units:  57
Building Size:  75,586 SF
Price/Unit:  $120,000

Take a look at the listing at:  
http://www.loopnet.com/xNet/MainSite/Listing/Profile/profile.aspx?STID=&LL=&LID=17468613&PgCxtGuid=84edc7c6-90d9-4723-9e98-38e25ef960b7&PgCxtFLKey=Profile&PgCxtCurFLKey=Profile&PgCxtDir=Up&EBrokerSent=Y&MessageSent=1

FYI:  2 under used NCC message boards, take a look, post or comment on 
what is there:  http://nautiluscove.proboards.com/index.cgi   and alsohttp://pub40.bravenet.com/forum/static/show.php?usernum=3420323947&frmid=702&cmd=showrecent&cp=0

Also NCC is reviewed on this site:  http://tinyurl.com/4jr6389



Just For the Record:

Who is the Nautilus Cove Developer?

On Feb 13, 2004 Gulf Boulevard Partners Ltd was created and on Dec 14, 2005 the then Gulf Boulevard Partners, Ltd amended their Certificate of Limited Partnership and had a name change to Nautilus Development Partners, LLLP. and on 12/31/09 the name was changed again with an Amended and Restated Certificate of Limited Partnership to SAS Nautilus Cove Managers LLC


A look at the Florida records at http://sunbiz.org brings in several other names.  

All these name changes brings to mind the old Abbott and Costello standup comic routine of "Who is on first" or perhaps the game of trying to find which shell the pea is under.
 

What is the correct condo name?

It is not: Nautilus Cove Resort or Nautilus Cove Apartments.  The condo name as filed with the Florida Dept of Corporations on 4/12/06, and reflected in the 7 pages of the Articles of Corporation for a Florida Non Profit Corporation states that the condo is called Nautilus Cove Condominium Association, Inc.   The initial slate of Directors named were: Price, Brock and Missigman, all appointed by the Developer.

Is Nautilus Cove a HOA?

No it is not a Home Owners Association (HOA).  NCC is a Condominium Association (CA).

Q)  How many developer units remain unsold?
A)  56 (plus #708 which the developer bought back from an owner and it is now held under the name Nautilus 708, LLC)